JPMorgan Chase to cut up to 4,000 jobs

JPMorgan Chase & Co plans to cut 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 per cent of the company's overall workforce, it said in a presentation to investors on Tuesday. The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said.

Reuters | Last Updated: February 26, 2013 21:41 (IST)

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JPMorgan Chase & Co plans to cut 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 per cent of the company's overall workforce, it said in a presentation to investors on Tuesday. The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said.

JPMorgan Chase had 2,58,965 employees globally at the end of 2012. Its headcount rose following the financial crisis, to 2,62,882 in the second quarter of 2012 from 2,19,569 in the first quarter of 2009. Since last year's second quarter, staffing levels have drifted lower.

The bank has been building more branches even as competitors such as Bank of America Corp have scaled back. But its consumer bank business is also looking to reduce costs in its branches by staffing them more efficiently, JPMorgan Chase said in the presentation.

JPMorgan Chase had 5,614 branches at the end of 2012, making its network the second-biggest in the United States behind Wells Fargo & Co.

The bank hopes to sell more services, such as wealth management, at its branches, and allow its automated teller machines to handle more routine transactions such as check deposits. JPMorgan Chase said in its presentation that it is aiming to cut overall expenses by $1 billion in 2013.